3 - Segmentation, Targeting And Positioning Flashcards
What Is Market Segmentation?
When potential customers are divided into different groups.
What Does Market Segmentation Identify?
Different types of consumer and their wants and needs.
What Are The Segmentation Methods?
(4 Points)
~ Demographic.
~ Geographic.
~ Income.
~ Behavioural.
What Is Demographic Segmentation?
Identifies subgroups of the population based on their demographic profile or characteristics.
What Are Examples Of Demographic Segmentation?
(7 Points)
~ Age.
~ Gender.
~ Level of education.
~ Race.
~ Religion.
~ Family size.
~ Stage in life.
What Is Geographic Segmentation?
(2 Points)
~ Defines market categories based on where people live.
~ People in different categories display different characteristics.
What Are Examples Of Geographic Segmentation?
(5 Points)
~ Country.
~ Region.
~ City.
~ Climate.
~ Population density.
What Is Income Segmentation?
Segmenting the market based on their levels of income and profession.
What Is Behavioural Segmentation?
Segmenting the market based on behavioural patterns.
What Are Examples Of Behavioural Segmentation?
(6 Points)
~ Reasons for making purchases.
~ Frequency of purchase.
~ Time of purchase.
~ Brand loyalty.
~ Method of purchase.
~ Triggers.
What Is Targeting?
Which segment should the business target.
What May Targeting Include?
(2 Points)
~ Niche marketing.
~ Mass marketing.
What Is Niche Marketing?
(2 Points)
~ When a firm targets a small segment.
~ Gives a firm first mover advantage, allowing them to charge a higher price.
What Is Mass Marketing?
(2 Points)
~ When a firm targets the whole of a market rather than a particular segment.
~ Can give a business a high volume of sales at a low price.
What Is Positioning?
(2 Points)
~ When a product is placed in the market relative to its competitors.
~ Porters generic forces.
